Nigerian Association of Petroleum Explorationists (NAPE) Thursday said insecurity, oil theft and illegal refining are bigger threats to the oil and gas industry in Nigeria than the declining price of oil.
This is even as NAPE maintained that the current low price is rather a reflection of an over-supply of oil in the market.
Briefing newsmen in Lagos on the activities lined up for the forthcoming 37th annual International Conference and Exhibition of NAPE, its President, Ajibola Oyebamiji, said the conference and exhibition will beam its searchlight on new technology application in exploration and production using big data, digitalization, data analytics, and artificial intelligence opportunities.
Themed: “Expanding Nigeria’s Petroleum Landscape: Digitalization, Innovation and Emerging New Technologies”, the conference which will hold at the Eko Hotel and Suites between November 17 and 21 will have in attendance over 1,200 participants, including high level industry practitioners, key personnel in government and academia.
Oyebamiji said the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, will be the special guest of honour.
According to him, technical papers to be delivered at the conference include: Petroleum Business and Regulatory Environment, Basin Analysis, Petroleum System Characterization and Modeling, Advances in Geophysics, New Technology Applications/ Marginal Field Operators, Talent Management Capacity Building and the Next Generation of E&P Managers, Alternative Energy Resources and Exploration and production Activities and the Environment.
Giving the areas of observation about the Nigerian Petroleum Landscape, Oyebamiji noted that Nigeria is at risk of long-term disruption to oil and gas supplies, power generation, a collapse of industries and significant loss of revenue due to continued reduction in hydrocarbon exploration activities, adding that reduction in hydrocarbon exploration and exploitation has dire consequences for a country like Nigeria with a mono-economy hinged on crude oil.
He also noted that procurement and contracting cycles in the Nigerian Oil and Gas industry is about 36 months making it the longest and most inefficient in the world, while stressing that the long contracting cycle results in high levels of uncertainties in costing and planning thereby creating a sluggish business climate.
“In Nigeria, the low oil price regime has led to dwindling reserves, more burdens on foreign reserves, pressure on infrastructure and social service, inability to meet commitments to institutional lenders, and the list of untoward outcomes is long.
“Technology is the heart of all the significant achievements in the Oil and Gas industry. The way hydrocarbon is discovered, developed and produced has been impacted by evolutionary technologies that have emerged since the Drake well of 1859. But the challenge is how far Nigeria has travelled down the technology road.
“With the new era of disruption blowing across virtually all industries, now is the time to embrace new technology, as sustained low oil prices are driving the adoption of digitalization across the Oil and Gas industry,” he stated.
Speaking further, Oyebamiji maintained that it is against the backdrop of the foregoing that NAPE will at the conference be deliberating on the petroleum business and the regulatory environment with a view to addressing the challenges of exploration and production in the onshore, offshore and Nigeria’s frontier basins as well as seek new approaches for exploration and production in the Cretaceous and Cenezoic basins.
Interestingly, participants at the conference will also be discussing the contributions of indigenous/marginal field operators and the imperatives of growing national reserves and grooming the next generation of E&P professionals.
The event will have four major formats which include Conference, exhibition, industry awards and learning opportunities. Also, the event will feature three outstanding females who have excelled in their profession.
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